On March 5, 2026, the Wyoming State Treasury officially purchased 250,000 shares of Strive, a Bitcoin-holding company, becoming the first public fund in the United States to directly invest in a Bitcoin reserve company. This move marks a key step in the state's digital asset allocation, demonstrating its long-term strategic commitment to promoting crypto financial innovation.
The investment was executed through the Wyoming Permanent Mineral Trust Fund, totaling approximately $3.57 million based on Strive's closing price of $14.28 per share on the day. Although the amount is a small percentage of the fund's overall assets, its symbolic significance is substantial. The decision was based on HB 201, passed in 2025, which allows public funds to allocate up to 3% of their assets to Bitcoin-related assets. This investment is far from reaching that limit and is officially defined as a “principled deployment” rather than a radical shift.
Unlike mainstream Bitcoin spot ETFs, Strive does not simply track Bitcoin price fluctuations. Instead, it uses Bitcoin as a core reserve asset and generates stable cash flow through its own business operations. The company officially transitioned to a “Bitcoin vault” model after completing a reverse merger in late 2025. As of early 2026, it held 13,132 Bitcoins, with a market value of over $1.1 billion, ranking among the top ten Bitcoin holders in the global public market. Its unique SATA share structure also provides shareholders with monthly dividends, offering investors a dual source of income.
Since 2017, Wyoming has passed over 50 pieces of legislation related to digital assets, building the most comprehensive crypto regulatory framework in the United States. The state has established a specialized Court of Equity to handle commercial and trust disputes involving digital assets, further enhancing legal certainty. The implementation of HB 201 is a natural extension of this series of institutional constructions. In recent years, a large number of crypto companies have moved to the state due to its policy friendliness, and the direct entry of public funds further makes Wyoming a benchmark for digital asset policy innovation in the United States.
As other states watch, Wyoming is redefining the asset allocation boundaries of public funds in the digital age as an institutional pioneer.